**Bitcoin and Crypto Tokens Struggle in Range-Bound Trading**
The digital asset market has seen Bitcoin and other crypto tokens trading in a range-bound manner on Tuesday with a negative bias. This comes as the market continues to grapple with prolonged winter, regulatory actions, and ongoing litigations in recent weeks. Despite this, the macroeconomic signals will also play a role in shaping the token markets.
**Crypto Tokens Remain Under Pressure**
Bitcoin was not seeing much movement, remaining largely flat and under selling pressure as the largest crypto token dropped slightly but still managed to hold above $26,000-levels. Ethereum, the largest peer to Bitcoin, dropped about a percent but managed to retain a position above the $1,650-mark. This downtrend in price action was reflected in the altcoins market, which saw a decline in prices.
“After we saw the recent decline in Bitcoin, its price has managed to stay above the $26,000 mark, and the market seems to have found psychological support just over the $1 trillion-dollar market capitalization,” said Shubham Hudda, Senior Manager at CoinSwitch Markets Desk. He also noted that the crypto and fear index remains in the fear zone with a score of 37/100.
**Market Movement and Unique Product Features**
The market saw a unique product, friend.tech, generating close to $1 million in 24 hours duration, making it the third most valuable Dapp within weeks of its launch. This product allows Twitter or X.com users to create an exclusive community and buy ‘keys’ of famous celebrities to get exclusive chat access with them.
**Cryptocurrency Market Cap and Trading Volumes Fluctuate**
On the whole, the global cryptocurrency market cap has fallen to $1.05 trillion as it dropped nearly a percent in the last 24 hours. However, the total trading volumes have seen a significant jump, increasing by 31 percent to $28.94 billion.
**Tech View by WazirX Trade Desk**
Travala.com, a leading booking service that embraces cryptocurrency, experienced a 7 percent gain in the AVA/USDT price during the course of a day. The daily trend has broken above the ascending triangle pattern with a surge in buying volumes. The next resistance is expected at 0.68 USDT with immediate support expected at 0.57 USDT.
In conclusion, the cryptocurrency market continues to see range-bound trading with a negative bias, influenced by both internal and external factors affecting market movement and product innovations. Investors and traders should stay updated with the latest market trends and seek professional advice before taking any position in these assets.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
